According to Montepio, €356.8 million in gross loans were sold relating to a portfolio comprising approximately 40,000 loans.
Banco Montepio and its subsidiary Montepio Crédito announced this Tuesday that they have sold a €360 million consumer loans portfolio, within the scope of a securitisation transaction, to international institutional investors.
According to Montepio, a total of €356.8 million in gross loans were sold relating to a portfolio comprising approximately 40,000 loans.
“The completion of this operation made it possible to reduce the volume of risk-weighted assets by around €265 million and materialises Banco Montepio’s strategy of continuously reducing the risk weighting in assets, in order to strengthen capital ratios,” explained the bank in a statement sent to CMVM.
The securitisation was placed with international institutional investors, in five collateralised tranches with an average implicit spread of 112 basis points over one-month Euribor, with demand being more than 1.8 times the supply, the institution said.
The senior class is rated AA (DBRS) and AA- (Fitch Ratings) and will pay a coupon with an implicit spread of 48 bps over the one-month Euribor.
Banco Montepio also highlights the participation of the joint arrangers and lead managers, StormHarbour Securities LLP and Crédit Agricole Corporate & Investment Bank.